Preparing for business negotiations is crucial to achieving a successful sale of your business. The business owner should have a clear understanding of the strengths, weaknesses, opportunities, and threats that contribute to the value of the business. Clearly define the goals and priorities for the sale such as price, payment, terms, timelines, and any conditions of the sale. Understand the current market conditions and trends in your industry and research recent comparable sales so that you have a realistic expectation of what buyers might be willing to pay. Anticipate questions and concerns that potential buyers might have and develop clear, honest and well thought out responses. Most importantly, hire a qualified business broker who could use their resources to help you assemble a strong team of professionals including lawyers, accountants with the experience necessary to get you to the finish line and close the sale.
